acalculator

Semi-annual compounding mortgage

Type the home price, your down payment, the rate and the amortization, and pick how often you pay. This mortgage calculator for Canada compounds the rate twice a year, as fixed-rate Canadian mortgages do, and shows your payment, the minimum down payment, when the mortgage is paid off and the total interest.

Your numbers

An example rate, not today’s rate. Use the rate your lender quotes.
Payment frequency
Your payment
$2,656.67

You pay $2,656.67 each payment, 300 payments in 25 years, with $317,001.05 of interest in total.

Mortgage amount $480,000.00Total interest $317,001.05
60% mortgage amount40% total interest
Monthly payment
$2,656.67
Mortgage amount
$480,000.00
Insurance premium
$0.00
Minimum down payment
$35,000.00
Number of payments
300
Years to pay off
25
Total interest
$317,001.05
Total of payments
$797,001.05
Effective yearly rate
4.5506%

Your payment: $2,656.67. You pay $2,656.67 each payment, 300 payments in 25 years, with $317,001.05 of interest in total.

How much of what you repay is interest?

The results are estimates for information only. They are not financial, tax, or legal advice. Check the numbers with your lender or a qualified professional before you decide. Terms of use

How to calculate

Computes a Canadian mortgage payment with interest compounded twice a year, for monthly, biweekly, weekly and accelerated payments, with the minimum down payment, the time to pay off and the total interest.

Example with the default inputs (Home price (CAD) $600,000.00, Down payment (CAD) $120,000.00, Interest rate 4.5%, Amortization (years) 25, Payment frequency Monthly, Mortgage loan insurance premium 0%): You pay $2,656.67 each payment, 300 payments in 25 years, with $317,001.05 of interest in total.

Method: monthly payment = L × i ÷ (1 − (1 + i)^−n), i = (1 + j ÷ 2)^(1/6) − 1, n = years × 12; other payments from the monthly one as FCAC defines them; each payment pays interest at (1 + j ÷ 2)^(2/p) − 1 for p payments a year, and the rest lowers the balance until it is paid off.

  • The rate is fixed and compounds twice a year, not in advance, as most fixed-rate Canadian mortgages state; variable-rate mortgages may compound monthly.
  • Payments are at the end of each period; the last payment is whatever is left. Nothing is rounded between payments.
  • The term (often 5 years) is not modelled: the rate stays the same for the whole amortization.
  • Property tax, home insurance and provincial sales tax on the premium are not included.

Machine-readable copies: Markdown, JSON.

Worked examples

Each example is checked against the calculator on every build.

  1. Home price (CAD) $600,000.00, Down payment (CAD) $120,000.00, Interest rate 4.5%, Amortization (years) 25, Payment frequency Monthly, Mortgage loan insurance premium 0% gives Monthly payment $2,656.67, Number of payments 300, Total interest $317,001.05, Effective yearly rate 4.550625%.Source: Justice Laws Website, Interest Act (R.S.C., 1985, c. I-15), section 6: a blended-payment mortgage states the rate calculated yearly or half-yearly, not in advance, https://laws-lois.justice.gc.ca/eng/acts/I-15/section-6.html (retrieved 2026-10-05)
  2. Home price (CAD) $600,000.00, Down payment (CAD) $120,000.00, Interest rate 4.5%, Amortization (years) 25, Payment frequency Accelerated biweekly, Mortgage loan insurance premium 0% gives Your payment $1,328.34, Number of payments 564, Years to pay off 21.692308, Total interest $268,926.00.Source: Financial Consumer Agency of Canada, Choosing a mortgage that is right for you: payment frequency (semi-monthly = monthly ÷ 2, biweekly = monthly × 12 ÷ 26, weekly = monthly × 12 ÷ 52, accelerated biweekly = monthly ÷ 2, accelerated weekly = monthly ÷ 4), https://www.canada.ca/en/financial-consumer-agency/services/mortgages/choose-mortgage.html (retrieved 2026-10-05)
  3. Home price (CAD) $700,000.00, Down payment (CAD) $45,000.00, Interest rate 5%, Amortization (years) 30, Payment frequency Biweekly, Mortgage loan insurance premium 4% gives Minimum down payment $45,000.00, Insurance premium $26,200.00, Mortgage amount $681,200.00, Monthly payment $3,635.50, Your payment $1,677.92, Number of payments 779, Total interest $624,259.11.Source: Financial Consumer Agency of Canada, How much you need for a down payment (5% of the first $500,000, 10% of the part above, 20% from $1.5 million), https://www.canada.ca/en/financial-consumer-agency/services/mortgages/down-payment.html (retrieved 2026-10-05); Financial Consumer Agency of Canada, Choosing a mortgage that is right for you: payment frequency (semi-monthly = monthly ÷ 2, biweekly = monthly × 12 ÷ 26, weekly = monthly × 12 ÷ 52, accelerated biweekly = monthly ÷ 2, accelerated weekly = monthly ÷ 4), https://www.canada.ca/en/financial-consumer-agency/services/mortgages/choose-mortgage.html (retrieved 2026-10-05)
  4. Home price (CAD) $400,000.00, Down payment (CAD) $100,000.00, Interest rate 0%, Amortization (years) 25, Payment frequency Monthly, Mortgage loan insurance premium 0% gives Monthly payment $1,000.00, Total interest $0.00, Number of payments 300.

How it works

With the price V, down payment D, a yearly rate j (as a decimal) compounded twice a year, Y years of amortization, and an insurance premium of k%:

  • Minimum down payment, in exact decimals: 5% of V when V ≤ $500,000; $25,000 + 10% of (V − $500,000) when V is between $500,000 and $1.5 million; 20% of V from $1.5 million. A smaller down payment gives no answer.
  • Insurance premium = (V − D) × k ÷ 100. Mortgage amount L = V − D + premium.
  • Rate per payment at p payments a year: r_p = (1 + j ÷ 2)^(2/p) − 1. Monthly, r₁₂ = (1 + j ÷ 2)^(1/6) − 1.
  • Monthly payment M = L × r₁₂ ÷ (1 − (1 + r₁₂)^−(12Y)), or L ÷ (12Y) at 0%.
  • Your payment at the chosen frequency: monthly M (p = 12); semi-monthly M ÷ 2 (p = 24); biweekly M × 12 ÷ 26 (p = 26); weekly M × 12 ÷ 52 (p = 52); accelerated biweekly M ÷ 2 (p = 26); accelerated weekly M ÷ 4 (p = 52).
  • Each payment, interest = balance × r_p and the rest lowers the balance, until the balance is paid off; the last payment is whatever is left. Number of payments counts them; years to pay off = number ÷ p. Nothing is rounded between payments.
  • Total interest = the sum of the interest. Total of payments = L + total interest. Effective yearly rate = (1 + j ÷ 2)² − 1.

Rules

  • Price $10,000 to $100,000,000 (Canadian dollars); the down payment must be less than the price and at least the minimum. Rate 0% to 25%; 1 to 30 years; premium 0% to 10%.

Worked examples by hand

The default: $600,000 home, $120,000 down, 4.5%, 25 years, monthly. L = $480,000. r₁₂ = 1.0225^(1/6) − 1. M = $2,656.67; 300 payments; interest $317,001.05. Effective yearly rate 1.0225² − 1 = 4.5506%.

The same mortgage, accelerated biweekly. Payment = 2,656.67 ÷ 2 = $1,328.34 at r₂₆ = 1.0225^(1/13) − 1. It takes 564 payments, 21.69 years, with $268,926.00 of interest.

$700,000 home with the minimum down payment and a 4% premium, 5%, 30 years, biweekly. Minimum down = 25,000 + 0.10 × 200,000 = $45,000. Premium = 0.04 × 655,000 = $26,200; L = $681,200. M = $3,635.50; biweekly payment = M × 12 ÷ 26 = $1,677.92; 779 payments; interest $624,259.11.

$400,000 home, $100,000 down, 0%, 25 years. M = 300,000 ÷ 300 = $1,000; no interest.

Other questions people ask

Why are Canadian mortgage payments different from US ones?

The Interest Act requires a blended-payment mortgage to state its rate calculated yearly or half-yearly, not in advance, and fixed-rate mortgages compound twice a year. A 4.5% rate is then 4.5506% a year, and the monthly rate is (1.0225)^(1/6) − 1, a little less than 4.5% ÷ 12.

How are biweekly and accelerated payments worked out?

As FCAC defines them, from the monthly payment: semi-monthly = monthly ÷ 2; biweekly = monthly × 12 ÷ 26; weekly = monthly × 12 ÷ 52; accelerated biweekly = monthly ÷ 2; accelerated weekly = monthly ÷ 4.

How much faster do accelerated payments pay off a mortgage?

They add about one monthly payment a year. On $480,000 at 4.5% over 25 years, accelerated biweekly payments of $1,328.34 pay off the mortgage in about 21.7 years and save about $48,000 of interest.

What is the minimum down payment in Canada?

5% of the first $500,000 of the price and 10% of the part above it; from $1.5 million, 20% of the price. On $700,000 it is $25,000 + $20,000 = $45,000.

When do I need mortgage loan insurance?

Usually when your down payment is less than 20% of the price. The premium is a percent of the loan, set by the insurer, and is usually added to the mortgage. Type the premium your lender quotes.

How long can the amortization be?

With less than 20% down, at most 30 years for a first-time buyer or a new build and 25 years otherwise. With 20% or more, your lender sets the maximum.